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Mortgage applicationsin the US fell for the 4th consecutive decline, as higher mortgage rates started to dent the housing market. Applications fell 2.2 percent in the week ended March 26th, 2021. The average 30-year fixed-rate mortgages edged down to 3.33% from 3.36%, the highest since the beginning of June last year.

mortgage applicaition

From the U.S. Mortgage Bankers Association for the week ending 26 March 2020

  • Applications to purchase a home went down 1.5 percent
  • Applications for home refinancing dropped 2.5 percent.
  • The average interest rate for 30-year fixed-rate mortgages edged down to 3.33% from 3.36%
  • 3.36% was the highest since the beginning of June, and rates paused 7 consecutive weeks of rising,

“Higher mortgage rates continue to shut down refinance activity, as the pool of borrowers who can benefit from a refinance further shrinks. Many prospective homebuyers this spring are feeling the effects of higher rates and rapidly accelerating home prices” said Joel Kan, an MBA economist. source: Mortgage Bankers Association of America source: Mortgage Bankers Association of America

From The TradersCommunity News Desk

 

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